The Bombay High Court will hear their pleas on March 4, 2025. Until then, the Anti-Corruption Bureau (ACB) has been asked to avoid acting on the special court order. The ACB court announced that it would oversee the investigation and requested a status report in 30 days.

Chairperson Madhabi Puri Buch, along with Bombay Stock Exchange (BSE) Managing Director Sundararaman Ramamurthy and four other officials, have approached the Bombay High Court (HC) to quash a special court’s recent order that directed the registration of an FIR against them for alleged stock market fraud and regulatory violations,

SEBI is set to challenge a court order for FIR against ex-chairperson Madhabi Puri Buch over alleged stock market fraud. The BSE also dismissed the allegations, calling the application “frivolous.”

This comes after SEBI issued a statement stating that it would take legal action against the said ruling. It also dismissed the complaint as coming from a “frivolous and habitual litigant”.

Reacting to the court’s order, SEBI, in a statement said it "would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters".

An FIR has been filed against former SEBI Chief Madhabi Puri Buch and five other officials in connection with alleged stock market fraud. The case involves accusations of financial misconduct and regulatory violations.

The Securities and Exchange Board of India (SEBI) announced on Sunday that it would take legal steps to challenge a Mumbai court order directing the registration of a First Information Report (FIR) against its former Chairperson Madhabi Puri Buch,

SEBI is set to challenge the Mumbai Court corruption probe FIR order on ex-Chief Madhabi Puri Buch, and five other officials, according to an official statement on Sunday, March 2.

SEBI on Sunday said it will initiate appropriate legal steps to challenge the Mumbai court order, which has allowed launching an FIR against former SEBI chief Madhabi Puri Buch, three current Whole Time Members of SEBI and two officials of the BSE.